U S PHYSICAL THERAPY INC /NV

USPH · Healthcare · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power35

Median gross margin 22.1% over 10y, stable.

Returns on capital75

Median ROIC 15.9%, above the 9% hurdle in 80% of years.

Balance-sheet safety84

Net debt/EBITDA 1.2x, no material interest expense disclosed.

Capital discipline70

Owner earnings +9.6%/yr, share count flat.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $40.9M
Est. intrinsic value / share: —
Recent price: $73.70
Discount to value: No price data

Conservative model: 9% discount rate, 2% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell USPH. See the disclaimer.